Desktop Metal Announces Fourth Quarter and Full Year 2023 Financial Results
- Revenue of $52.3 million in Q4 2023, down from $60.6 million year-over-year
- Improvements in net loss, adjusted EBITDA, gross margins, operating expenses, and operating cash flow
- Net loss of $(323.4) million in 2023, an improvement from $(740.3) million in 2022
- Adjusted EBITDA of $(9.2) million, a 56% year-over-year improvement
- Cash reserves closed at $84.5 million, with a 25% decrease in cash consumption
- Full-year 2024 revenue guidance of $175-$215 million and adjusted EBITDA between $(30)-$(10) million
- None.
Insights
The reported revenue decline juxtaposed with a sequential increase indicates a nuanced performance. The revenue dip year-over-year could be attributed to macroeconomic factors such as elevated interest rates, which have been impacting capital investment decisions. However, the sequential growth suggests some resilience or strategic adjustments that may have begun to yield positive results. The significant reduction in net loss and the improvement in adjusted EBITDA by 56% is noteworthy. It reflects the effectiveness of the company's cost-cutting measures, which have exceeded $150 million since June 2022. These measures appear to be directly contributing to improved financial health, as evidenced by the reduced cash consumption rate and the strongest quarterly adjusted EBITDA performance to date.
From an investment standpoint, the guidance for 2024 indicates an expectation of revenue growth and a narrower adjusted EBITDA range. This guidance, coupled with the goal of reaching EBITDA breakeven in the second half of 2024, could be seen as a positive signal to investors about the company's direction. However, the absence of a reconciliation of adjusted EBITDA outlook to net income is a missing piece of the puzzle that investors would need for a comprehensive analysis. Additionally, the strategic review of the industrial photopolymer business suggests a sharpened focus on core areas which could potentially lead to a more streamlined and efficient operation.
Desktop Metal's emphasis on Additive Manufacturing (AM) 2.0 technologies and their reported strong demand in sectors like defense, aerospace and automotive aligns with broader industry trends. AM technologies are increasingly being adopted for their advantages in customization, speed and potential cost savings over traditional manufacturing methods. The mention of successful product launches and partnerships, such as with Evonik and the shipping of the Figur G15 machine, underscores the company's commitment to innovation and could be a driver for future growth.
Additionally, the increase in recurring revenue by 29% is a positive indicator of customer retention and the successful adoption of the company's products. Recurring revenue is a critical metric as it provides more predictable and stable revenue streams compared to one-off sales. This shift towards a higher percentage of revenue from recurring sources could make the company's financial performance more resilient to market fluctuations in the long term.
While the financial analysis focuses on the numbers, it is important to consider the legal and regulatory environment in which Desktop Metal operates, particularly in the context of their strategic alternatives review for the industrial photopolymer business. This review process could involve complex legal considerations, including potential divestitures, mergers, or acquisitions. The outcome of this review could have material implications for the company's legal structure and future compliance obligations. It's also critical to monitor ongoing compliance with NYSE regulations, considering the goodwill impairment charges and their impact on GAAP financials. These factors may not directly impact the immediate financial metrics but are essential for assessing the company's long-term viability and operational risks.
-
Revenue of
$52.3 million $60.6 million 22% sequentially over the prior quarter -
Year-over-year improvements to net loss, adjusted EBITDA, gross margins, non-GAAP gross margins, operating expenses, and operating cash flow following more than
$150 million -
Net loss of
$(323.4) million $(740.3) million -
Adjusted EBITDA of
$(9.2 million )56% – and the company’s strongest quarterly performance to date -
GAAP gross margin of (32)%; GAAP gross margin was negatively impacted by one-time non-cash restructuring activities in the quarter. Non-GAAP gross margin of
34% , a year-over-year improvement of39.9% . -
Quarterly GAAP operating expenses declined
58% year over year, both periods were impacted by goodwill impairment. Quarterly non-GAAP operating expenses declined for seven consecutive quarters to$31.6 million 39% from the start of DM’s cost reduction initiative -
Cash, cash equivalents, and short-term investments closed fourth quarter 2023 at
$84.5 million 25% compared to the same year-ago quarter - Initiated a review of strategic alternatives for industrial photopolymer business in effort to further strengthen position in our core healthcare photopolymers and production binder jetting for metal, sand and ceramic parts
-
Full year 2024 revenue guidance of between
$175 $215 million $(30) $(10) million
“Despite a challenging capital investment environment led by elevated interest rates and slower sales cycles, I’m proud that Team DM buckled down and delivered a much improved operating performance including reduced not loss and a record adjusted EBITDA performance,” said Ric Fulop, Founder and CEO of Desktop Metal.
“While we didn’t make our internal target of A-EBITDA positive by the end of the year, as some customer projects rolled into 2024, we are now very, very close to that goal,” Fulop continued. “We now enter the year with a lower cost structure that makes us resilient for the long term. The hard work will continue as we drive toward profitability, a goal that is clearly within sight despite the tough market conditions.”
Fulop noted that DM continues to see strong demand for production binder jet systems that produce metal, sand and ceramic parts, as well as increasing evidence of the value of Additive Manufacturing 2.0 systems. For the full year, DM reported record recurring revenue of
“Our all-time high recurring revenue levels prove that customers who have adopted our technology are using it successfully and getting great value from our technologies,” Fulop said.
Fourth Quarter 2023 and Recent Business Highlights:
Corporate
- Continued execution of cost reduction plans with expectation of positive adjusted EBITDA in the second half of 2024
Product Performance
- Desktop Metal and Evonik expand partnership, announce qualification of INFINAM® ST 6100 L on large format Additive Manufacturing 2.0 systems for high-performance, high-temperature products
- Desktop Health™ announces Flexcera™ Base Ultra+ dental resin for stronger, more comfortable 3D Printed dentures
- Desktop Metal now shipping the Figur G15 – a Digital Sheet Metal Forming machine that eliminates the need for custom tooling
- Desktop Health announces first patients treated with FDA-Cleared CMFlex™ – and off-the-shelf 3D printed synthetic bone graft product pioneered by Dimension Inx on the 3D-Bioplotter®
- Desktop Metal launches Live Monitor™ for users of Additive Manufacturing 2.0 production technology
- DM now has metal and ceramic parts in production in multiple high value programs in defense and aerospace with parts in several jet engine families, major platforms like F35 and in several space vehicles
- Growing business in Gigacasting with several global automakers
Fourth Quarter 2023 Financial Highlights
-
Revenue of
$52.3 million $60.6 million 22% sequentially over the prior quarter -
GAAP gross margin of (32)%; GAAP gross margin was negatively impacted by restructuring activities in the quarter. Non-GAAP gross margin of
34% , a year-over-year increase of39.9% . -
GAAP net loss of
$(174.5) million $110.5 million $(10.9) million -
Adjusted EBITDA of
$(9.2) million 56% – and the company’s strongest quarterly performance to date -
Cash, cash equivalents, and short-term investments closed fourth quarter 2023 at
$84.5 million 25% compared to the same year-ago quarter
Financial Outlook
-
Revenue expectation of between
$175 million $215 million -
Adjusted EBITDA of between
$(30) million $(10) million
Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See “Non-GAAP Financial Information.”
Conference Call Information:
Desktop Metal will host a conference call on Friday, March 15, 2024 to discuss fourth quarter 2023 results. Participants may access the call at 1-877-407-4018, international callers may use 1-201-689-8471, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.
About Desktop Metal:
Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal’s future results of operations and financial position, financial targets, business strategy, and plans and objectives for future operations, are forward-looking statements. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: demand for Desktop Metal’s products and services; the global macro-economic environment; impacts of rapid technological change in the additive manufacturing industry; Desktop Metals’ ability to realize the benefits from cost saving measures; and supply and logistics disruptions, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-Q filed with the SEC on November 9, 2023, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
DESKTOP METAL, INC. |
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CONSOLIDATED BALANCE SHEETS |
||||||
(in thousands, except share and per share amounts) |
||||||
|
|
December 31, |
||||
|
|
2023 |
|
2022 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
83,845 |
|
$ |
76,291 |
Current portion of restricted cash |
|
|
233 |
|
|
4,510 |
Short‑term investments |
|
|
625 |
|
|
108,243 |
Accounts receivable |
|
|
37,690 |
|
|
38,481 |
Inventory |
|
|
82,639 |
|
|
91,736 |
Prepaid expenses and other current assets |
|
|
11,105 |
|
|
17,155 |
Total current assets |
|
|
216,137 |
|
|
336,416 |
Restricted cash, net of current portion |
|
|
612 |
|
|
1,112 |
Property and equipment, net |
|
|
35,840 |
|
|
56,271 |
Goodwill |
|
|
— |
|
|
112,955 |
Intangible assets, net |
|
|
168,259 |
|
|
219,830 |
Other noncurrent assets |
|
|
37,153 |
|
|
27,763 |
Total Assets |
|
$ |
458,001 |
|
$ |
754,347 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
18,190 |
|
$ |
25,105 |
Customer deposits |
|
|
5,356 |
|
|
11,526 |
Current portion of lease liability |
|
|
7,404 |
|
|
5,730 |
Accrued expenses and other current liabilities |
|
|
27,085 |
|
|
26,723 |
Current portion of deferred revenue |
|
|
11,739 |
|
|
13,719 |
Current portion of long‑term debt, net of deferred financing costs |
|
|
330 |
|
|
584 |
Total current liabilities |
|
|
70,104 |
|
|
83,387 |
Long-term debt, net of current portion |
|
|
89 |
|
|
311 |
Convertible notes |
|
|
112,565 |
|
|
111,834 |
Lease liability, net of current portion |
|
|
23,566 |
|
|
17,860 |
Deferred revenue, net of current portion |
|
|
3,696 |
|
|
3,664 |
Deferred tax liability |
|
|
3,523 |
|
|
8,430 |
Other noncurrent liabilities |
|
|
2,806 |
|
|
1,359 |
Total liabilities |
|
|
216,349 |
|
|
226,845 |
Commitments and Contingencies (Note 17) |
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
Preferred Stock, |
|
|
— |
|
|
— |
Common Stock, |
|
|
33 |
|
|
32 |
Additional paid‑in capital |
|
|
1,908,504 |
|
|
1,874,792 |
Accumulated deficit |
|
|
(1,632,225) |
|
|
(1,308,954) |
Accumulated other comprehensive loss |
|
|
(34,660) |
|
|
(38,368) |
Total Stockholders’ Equity |
|
|
241,652 |
|
|
527,502 |
Total Liabilities and Stockholders’ Equity |
|
$ |
458,001 |
|
$ |
754,347 |
See notes to consolidated financial statements.
DESKTOP METAL, INC. |
|||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||
(in thousands, except per share amounts) |
|||||||||
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|||||||
|
|
2023 |
|
2022 |
|
2021 |
|||
Revenues |
|
|
|
|
|
|
|
|
|
Products |
|
$ |
168,091 |
|
$ |
190,248 |
|
$ |
105,994 |
Services |
|
|
21,607 |
|
|
18,775 |
|
|
6,414 |
Total revenues |
|
|
189,698 |
|
|
209,023 |
|
|
112,408 |
Cost of sales |
|
|
|
|
|
|
|
|
|
Products |
|
|
184,614 |
|
|
178,952 |
|
|
87,450 |
Services |
|
|
15,174 |
|
|
15,000 |
|
|
6,665 |
Total cost of sales |
|
|
199,788 |
|
|
193,952 |
|
|
94,115 |
Gross profit (loss) |
|
|
(10,090) |
|
|
15,071 |
|
|
18,293 |
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
85,096 |
|
|
96,878 |
|
|
68,131 |
Sales and marketing |
|
|
40,334 |
|
|
68,091 |
|
|
47,995 |
General and administrative |
|
|
66,272 |
|
|
83,065 |
|
|
78,041 |
In-process research and development assets acquired |
|
|
— |
|
|
— |
|
|
25,581 |
Impairment charges |
|
|
8,518 |
|
|
— |
|
|
— |
Goodwill impairment |
|
|
112,911 |
|
|
498,800 |
|
|
— |
Total operating expenses |
|
|
313,131 |
|
|
746,834 |
|
|
219,748 |
Loss from operations |
|
|
(323,221) |
|
|
(731,763) |
|
|
(201,455) |
Change in fair value of warrant liability |
|
|
— |
|
|
— |
|
|
(56,576) |
Interest expense |
|
|
(4,099) |
|
|
(1,743) |
|
|
(149) |
Interest and other (expense) income, net |
|
|
944 |
|
|
(8,335) |
|
|
(11,822) |
Loss before income taxes |
|
|
(326,376) |
|
|
(741,841) |
|
|
(270,002) |
Income tax benefit |
|
|
3,105 |
|
|
1,498 |
|
|
29,668 |
Net loss |
|
$ |
(323,271) |
|
$ |
(740,343) |
|
$ |
(240,334) |
Net loss per share—basic and diluted |
|
$ |
(1.00) |
|
$ |
(2.35) |
|
$ |
(0.92) |
Weighted average shares outstanding, basic and diluted |
|
|
322,196 |
|
|
314,817 |
|
|
260,770 |
See notes to consolidated financial statements.
DESKTOP METAL, INC. |
|||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||||||
(in thousands) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|||||||
|
|
2023 |
|
2022 |
|
2021 |
|||
Net loss |
|
$ |
(323,271) |
|
$ |
(740,343) |
|
$ |
(240,334) |
Other comprehensive (loss) income, net of taxes: |
|
|
|
|
|
|
|
|
|
Unrealized loss |
|
|
(203) |
|
|
(290) |
|
|
(40) |
Foreign currency translation adjustment |
|
|
3,911 |
|
|
(31,664) |
|
|
(6,365) |
Total comprehensive (loss) income, net of taxes of |
|
$ |
(319,563) |
|
$ |
(772,297) |
|
$ |
(246,739) |
See notes to consolidated financial statements.
DESKTOP METAL, INC. |
|||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |
|||||||||||||||||
(in thousands, except share amounts) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
Other |
|
Total |
|||
|
|
Common Stock |
|
Paid‑in |
|
Accumulated |
|
Comprehensive |
|
Stockholders’ |
|||||||
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
(Loss) |
|
Equity |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE—January 1, 2021 |
|
224,626,597 |
|
$ |
23 |
|
$ |
844,188 |
|
$ |
(328,277) |
|
$ |
(9) |
|
$ |
515,925 |
Exercise of Common Stock options |
|
5,732,247 |
|
|
1 |
|
|
6,425 |
|
|
— |
|
|
— |
|
|
6,426 |
Vesting of restricted Common Stock |
|
491,293 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Repurchase of shares for employee tax withholdings - RSA |
|
(109,150) |
|
|
— |
|
|
(958) |
|
|
— |
|
|
— |
|
|
(958) |
Vesting of restricted share units |
|
650,777 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Repurchase of shares for employee tax withholdings - RSU |
|
(61,498) |
|
|
— |
|
|
(541) |
|
|
— |
|
|
— |
|
|
(541) |
Issuance of Common Stock in connection with acquisitions |
|
57,267,401 |
|
|
5 |
|
|
620,585 |
|
|
— |
|
|
— |
|
|
620,590 |
Issuance of Common Stock in connection with acquired in-process research and development |
|
334,370 |
|
|
— |
|
|
4,300 |
|
|
— |
|
|
— |
|
|
4,300 |
Stock‑based compensation expense |
|
— |
|
|
— |
|
|
28,778 |
|
|
— |
|
|
— |
|
|
28,778 |
Vesting of Trine Founder Shares |
|
1,850,938 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Common Stock issued in connection with warrants exercised |
|
20,690,975 |
|
|
2 |
|
|
320,567 |
|
|
— |
|
|
— |
|
|
320,569 |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
(240,334) |
|
|
— |
|
|
(240,334) |
Other comprehensive loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,405) |
|
|
(6,405) |
BALANCE—December 31, 2021 |
|
311,473,950 |
|
$ |
31 |
|
$ |
1,823,344 |
|
$ |
(568,611) |
|
$ |
(6,414) |
|
$ |
1,248,350 |
Exercise of Common Stock options |
|
2,310,931 |
|
|
— |
|
|
3,190 |
|
|
— |
|
|
— |
|
|
3,190 |
Vesting of restricted Common Stock |
|
157,131 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Vesting of restricted share units |
|
4,153,939 |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
Repurchase of shares for employee tax withholdings - RSU |
|
(74,719) |
|
|
— |
|
|
(243) |
|
|
— |
|
|
— |
|
|
(243) |
Issuance of common stock related to settlement of contingent consideration |
|
112,202 |
|
|
— |
|
|
500 |
|
|
— |
|
|
— |
|
|
500 |
Stock‑based compensation expense |
|
— |
|
|
— |
|
|
48,001 |
|
|
— |
|
|
— |
|
|
48,001 |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
(740,343) |
|
|
— |
|
|
(740,343) |
Other comprehensive loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(31,954) |
|
|
(31,954) |
BALANCE—December 31, 2022 |
|
318,133,434 |
|
$ |
32 |
|
$ |
1,874,792 |
|
$ |
(1,308,954) |
|
$ |
(38,368) |
|
$ |
527,502 |
Exercise of Common Stock options |
|
1,006,046 |
|
|
— |
|
|
1,203 |
|
|
— |
|
|
— |
|
|
1,203 |
Vesting of restricted Common Stock |
|
95,859 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Vesting of restricted share units |
|
5,802,852 |
|
|
1 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
Repurchase of shares for employee tax withholdings - RSU |
|
(211,314) |
|
|
— |
|
|
(250) |
|
|
— |
|
|
— |
|
|
(250) |
Issuance of common stock related to settlement of contingent consideration |
|
444,793 |
|
|
— |
|
|
797 |
|
|
— |
|
|
— |
|
|
797 |
Stock‑based compensation expense |
|
— |
|
|
— |
|
|
31,963 |
|
|
— |
|
|
— |
|
|
31,963 |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
(323,271) |
|
|
— |
|
|
(323,271) |
Other comprehensive income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,708 |
|
|
3,708 |
BALANCE—December 31, 2023 |
|
325,271,670 |
|
$ |
33 |
|
$ |
1,908,504 |
|
$ |
(1,632,225) |
|
$ |
(34,660) |
|
$ |
241,652 |
See notes to consolidated financial statements.
DESKTOP METAL, INC. |
|||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||
(in thousands) |
|||||||||
|
|||||||||
|
|
Years Ended December 31, |
|||||||
|
|
2023 |
|
2022 |
|
2021 |
|||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(323,271) |
|
$ |
(740,343) |
|
$ |
(240,334) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
53,632 |
|
|
50,767 |
|
|
24,854 |
Stock‑based compensation |
|
|
33,177 |
|
|
48,001 |
|
|
28,778 |
Impairment charges |
|
|
8,518 |
|
|
— |
|
|
— |
Goodwill impairment |
|
|
112,911 |
|
|
498,800 |
|
|
— |
Inventory write-off |
|
|
28,966 |
|
|
— |
|
|
— |
Change in fair value of warrant liability |
|
|
— |
|
|
— |
|
|
56,576 |
Change in fair value of subscription agreement |
|
|
— |
|
|
— |
|
|
2,920 |
Amortization of capitalized commissions |
|
|
318 |
|
|
— |
|
|
— |
Amortization (accretion) of discount on investments |
|
|
(490) |
|
|
(888) |
|
|
3,021 |
Amortization of debt financing cost |
|
|
— |
|
|
— |
|
|
9 |
Amortization of deferred costs on convertible notes |
|
|
731 |
|
|
453 |
|
|
— |
Provision for bad debt |
|
|
2,215 |
|
|
975 |
|
|
447 |
Provision for slow-moving, obsolete, and lower of cost or net realizable value inventories, net |
|
|
17 |
|
|
(45) |
|
|
— |
Acquired in-process research and development |
|
|
— |
|
|
— |
|
|
25,581 |
Loss on disposal of property and equipment |
|
|
209 |
|
|
224 |
|
|
74 |
Net increase (decrease) in accrued interest related to marketable securities |
|
|
238 |
|
|
847 |
|
|
(819) |
Net unrealized (gain) loss on equity investment |
|
|
464 |
|
|
6,332 |
|
|
9,660 |
Net unrealized (gain) loss on other investments |
|
|
- |
|
|
1,595 |
|
|
(130) |
Deferred tax benefit |
|
|
(3,105) |
|
|
(1,498) |
|
|
(29,668) |
Change in fair value of contingent consideration |
|
|
— |
|
|
(1,567) |
|
|
(429) |
Foreign currency transaction (gain) loss |
|
|
(613) |
|
|
303 |
|
|
189 |
Changes in operating assets and liabilities: |
|
|
— |
|
|
|
|
|
|
Accounts receivable |
|
|
(1,297) |
|
|
6,737 |
|
|
(18,299) |
Inventory |
|
|
(19,079) |
|
|
(28,183) |
|
|
(16,962) |
Prepaid expenses and other current assets |
|
|
5,205 |
|
|
1,787 |
|
|
(8,937) |
Other assets |
|
|
4,265 |
|
|
2,505 |
|
|
(3) |
Accounts payable |
|
|
(6,894) |
|
|
(6,595) |
|
|
12,797 |
Accrued expenses and other current liabilities |
|
|
1,966 |
|
|
(10,613) |
|
|
(8,761) |
Customer deposits |
|
|
(6,169) |
|
|
(2,037) |
|
|
(2,569) |
Current portion of deferred revenue |
|
|
(1,962) |
|
|
(4,749) |
|
|
5,989 |
Change in right of use assets and lease liabilities, net |
|
|
(6,626) |
|
|
(4,298) |
|
|
(641) |
Other liabilities |
|
|
1,679 |
|
|
(41) |
|
|
1,609 |
Net cash used in operating activities |
|
|
(114,995) |
|
|
(181,531) |
|
|
(155,048) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(2,762) |
|
|
(11,517) |
|
|
(7,683) |
Purchase of other investments |
|
|
— |
|
|
— |
|
|
(3,620) |
Proceeds from other investments |
|
|
4,089 |
|
|
3,155 |
|
|
— |
Purchase of equity investment |
|
|
— |
|
|
— |
|
|
(20,000) |
Proceeds from sale of property and equipment |
|
|
9,942 |
|
|
6 |
|
|
44 |
Proceeds from policy buyout |
|
|
— |
|
|
— |
|
|
333 |
Purchase of marketable securities |
|
|
(4,973) |
|
|
(158,404) |
|
|
(330,873) |
Proceeds from sales and maturities of marketable securities |
|
|
112,719 |
|
|
248,150 |
|
|
243,349 |
Proceeds from capital grant |
|
|
— |
|
|
200 |
|
|
— |
Cash paid to acquire in-process research and development |
|
|
— |
|
|
— |
|
|
(21,220) |
Cash paid for acquisitions, net of cash acquired |
|
|
(1,750) |
|
|
(23) |
|
|
(287,624) |
Net cash provided by (used in) investing activities |
|
|
117,265 |
|
|
81,567 |
|
|
(427,294) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from reverse recapitalization, net of issuance costs |
|
|
— |
|
|
— |
|
|
— |
Proceeds from the exercise of stock options |
|
|
1,203 |
|
|
3,190 |
|
|
6,426 |
Proceeds from the exercise of stock warrants |
|
|
— |
|
|
— |
|
|
170,665 |
Payment of taxes related to net share settlement upon vesting of restricted stock units |
|
|
(250) |
|
|
(243) |
|
|
(541) |
Repayment of loans |
|
|
(419) |
|
|
(542) |
|
|
— |
Proceeds from issuance of convertible notes |
|
|
— |
|
|
115,000 |
|
|
— |
Costs incurred in connection with the issuance of convertible notes |
|
|
— |
|
|
(3,619) |
|
|
— |
Repayment of term loan |
|
|
— |
|
|
— |
|
|
(10,000) |
Net cash provided by financing activities |
|
|
534 |
|
|
113,786 |
|
|
166,550 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(27) |
|
|
(167) |
|
|
(87) |
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
2,777 |
|
|
13,655 |
|
|
(415,879) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
81,913 |
|
|
68,258 |
|
|
484,137 |
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
84,690 |
|
$ |
81,913 |
|
$ |
68,258 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
83,845 |
|
$ |
76,291 |
|
$ |
65,017 |
Restricted cash included in other current assets |
|
|
233 |
|
|
4,510 |
|
|
2,129 |
Restricted cash included in other noncurrent assets |
|
|
612 |
|
|
1,112 |
|
|
1,112 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows |
|
$ |
84,690 |
|
$ |
81,913 |
|
$ |
68,258 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
6,900 |
|
$ |
3,488 |
|
$ |
148 |
Taxes paid |
|
$ |
— |
|
$ |
— |
|
$ |
150 |
|
|
|
|
|
|
|
|
|
|
Non‑cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
Net unrealized (gain) loss on investments |
|
$ |
(339) |
|
$ |
290 |
|
$ |
40 |
Exercise of private placement warrants |
|
$ |
— |
|
$ |
— |
|
$ |
149,904 |
Common Stock issued for acquisitions |
|
$ |
— |
|
$ |
— |
|
$ |
620,590 |
Common Stock issued for acquisition of in-process research and development |
|
$ |
— |
|
$ |
— |
|
$ |
4,300 |
Common Stock issued for settlement of contingent consideration |
|
$ |
797 |
|
$ |
500 |
|
$ |
— |
Accrued purchase price related to acquisitions |
|
$ |
— |
|
$ |
— |
|
$ |
1,800 |
Additions to right of use assets and lease liabilities |
|
$ |
13,926 |
|
$ |
10,812 |
|
$ |
5,582 |
Purchase of property and equipment included in accounts payable |
|
$ |
239 |
|
$ |
516 |
|
$ |
90 |
Purchase of property and equipment included in accrued expense |
|
$ |
31 |
|
$ |
— |
|
$ |
38 |
Transfers from property and equipment to inventory |
|
$ |
2,214 |
|
$ |
4,993 |
|
$ |
1,068 |
Transfers from inventory to property and equipment |
|
$ |
1,566 |
|
$ |
4,513 |
|
$ |
1,435 |
Accrued contingent consideration in connection with acquisitions |
|
$ |
— |
|
$ |
— |
|
$ |
6,083 |
Taxes related to net share settlement upon vesting of restricted stock awards in accrued expense |
|
$ |
— |
|
$ |
— |
|
$ |
958 |
Deferred contract costs |
|
$ |
— |
|
$ |
1,341 |
|
$ |
— |
Equipment financing |
|
$ |
— |
|
$ |
175 |
|
$ |
— |
See notes to consolidated financial statements.
Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA.
- We define non-GAAP gross margin as GAAP gross margin excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, acquisition-related and integration costs, and inventory step-up adjustments
- We define non-GAAP operating loss as GAAP operating loss excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, inventory step-up adjustments, and acquisition-related and integration costs
- We define non-GAAP net loss as GAAP net loss excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, inventory step-up adjustments, acquisition-related and integration costs, and change in fair value of investments
- We define non-GAAP operating expense as GAAP operating expense excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, and acquisition-related and integration costs including in operating expenses
- We define EBITDA as GAAP net income (loss) excluding interest, income taxes, and depreciation and amortization expense
- We define Adjusted EBITDA as EBITDA excluding change in fair value of investments, inventory step-up adjustments, stock-based compensation, restructuring, and acquisition-related and integration costs
In addition to Desktop Metal’s results determined in accordance with GAAP, Desktop Metal’s management uses this non-GAAP financial information to evaluate the Company’s ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively, may be helpful to investors in assessing Desktop Metal’s operating performance.
We believe that the use of Non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing, capital expenditures, and non-cash expenses such as stock-based compensation and warrants, and provides investors with a means to compare Desktop Metal’s financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, investors should be aware that when evaluating non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these measures may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion.
Because of these limitations, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA on a supplemental basis. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results. Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts.
Set forth below is a reconciliation of each non-GAAP financial measure used in this press release to its most directly comparable GAAP financial measure.
DESKTOP METAL, INC. |
||||||||||||||||||||||
NON-GAAP RECONCILIATION TABLE |
||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
|
For the Year Ended |
|
|||||||||||||||||||
|
|
December 31, |
|
|||||||||||||||||||
(Dollars in thousands) |
|
2023 |
|
2022 |
|
2021 |
|
|||||||||||||||
GAAP gross margin |
|
$ |
(10,090) |
|
$ |
15,071 |
|
$ |
18,293 |
|
||||||||||||
Stock-based compensation included in cost of sales(1) |
|
|
2,262 |
|
|
2,257 |
|
|
1,018 |
|
||||||||||||
Amortization of acquired intangible assets included in cost of sales |
|
|
27,789 |
|
|
23,707 |
|
|
8,467 |
|
||||||||||||
Restructuring expense in cost of sales |
|
|
30,205 |
|
|
3,273 |
|
|
— |
|
||||||||||||
Acquisition-related and integration costs included in cost of sales |
|
|
958 |
|
|
1,148 |
|
|
— |
|
||||||||||||
Inventory step-up adjustment in cost of sales |
|
|
— |
|
|
1,496 |
|
|
2,194 |
|
||||||||||||
Non-GAAP gross margin |
|
$ |
51,124 |
|
$ |
46,952 |
|
$ |
29,972 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GAAP operating loss |
|
$ |
(323,221) |
|
$ |
(731,763) |
|
$ |
(201,455) |
|
||||||||||||
Stock-based compensation(2),(3) |
|
|
33,177 |
|
|
48,785 |
|
|
28,778 |
|
||||||||||||
Amortization of acquired intangible assets |
|
|
41,617 |
|
|
38,662 |
|
|
17,581 |
|
||||||||||||
Restructuring expense |
|
|
37,488 |
|
|
6,574 |
|
|
— |
|
||||||||||||
Inventory step-up adjustment in cost of sales |
|
|
— |
|
|
1,496 |
|
|
2,194 |
|
||||||||||||
Acquisition-related and integration costs(4) |
|
|
6,179 |
|
|
6,766 |
|
|
23,788 |
|
||||||||||||
In-process research and development assets acquired |
|
|
— |
|
|
— |
|
|
25,581 |
|
||||||||||||
Impairment charges |
|
|
8,518 |
|
|
— |
|
|
— |
|
||||||||||||
Goodwill impairment |
|
|
112,911 |
|
|
498,800 |
|
|
— |
|
||||||||||||
Non-GAAP operating loss |
|
$ |
(83,331) |
|
$ |
(130,680) |
|
$ |
(103,533) |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GAAP net loss |
|
$ |
(323,271) |
|
$ |
(740,343) |
|
$ |
(240,334) |
|
||||||||||||
Stock-based compensation(2),(3) |
|
|
33,177 |
|
|
48,785 |
|
|
28,778 |
|
||||||||||||
Amortization of acquired intangible assets |
|
|
41,617 |
|
|
38,662 |
|
|
17,581 |
|
||||||||||||
Restructuring expense |
|
|
37,488 |
|
|
6,957 |
|
|
— |
|
||||||||||||
Inventory step-up adjustment in cost of sales |
|
|
— |
|
|
1,496 |
|
|
2,194 |
|
||||||||||||
Acquisition-related and integration costs(4) |
|
|
6,179 |
|
|
6,766 |
|
|
23,788 |
|
||||||||||||
In-process research and development assets acquired |
|
|
— |
|
|
— |
|
|
25,581 |
|
||||||||||||
Impairment charges |
|
|
8,518 |
|
|
— |
|
|
— |
|
||||||||||||
Goodwill impairment |
|
|
112,911 |
|
|
498,800 |
|
|
— |
|
||||||||||||
Change in fair value of investments |
|
|
1,239 |
|
|
8,164 |
|
|
12,475 |
|
||||||||||||
Change in fair value of warrant liability |
|
|
— |
|
|
— |
|
|
56,576 |
|
||||||||||||
Non-GAAP net loss |
|
$ |
(82,142) |
|
$ |
(130,713) |
|
$ |
(73,361) |
|
||||||||||||
(1) Includes |
||||||||||||||||||||||
| (2) Includes |
||||||||||||||||||||||
(3) Includes |
||||||||||||||||||||||
(4) For the year ended December 31, 2023, we incurred |
||||||||||||||||||||||
DESKTOP METAL, INC. |
||||||||||||||||||||||
NON-GAAP OPERATING EXPENSE RECONCILIATION TABLE |
||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||
|
||||||||||||||||||||||
|
|
For the Year Ended |
|
|||||||||||||||||||
|
|
December 31, |
|
|||||||||||||||||||
(Dollars in thousands) |
|
2023 |
|
2022 |
|
2021 |
|
|||||||||||||||
GAAP operating expenses |
|
$ |
313,131 |
|
$ |
746,834 |
|
$ |
219,748 |
|
||||||||||||
Stock-based compensation included in operating expenses(1),(2) |
|
|
(30,915) |
|
|
(46,528) |
|
|
(27,760) |
|
||||||||||||
Amortization of acquired intangible assets included in operating expenses |
|
|
(13,828) |
|
|
(14,955) |
|
|
(9,114) |
|
||||||||||||
Restructuring expense included in operating expenses |
|
|
(7,283) |
|
|
(3,301) |
|
|
— |
|
||||||||||||
Acquisition-related and integration costs included in operating expenses(3) |
|
|
(5,221) |
|
|
(5,618) |
|
|
(23,788) |
|
||||||||||||
In-process research and development assets acquired |
|
|
— |
|
|
— |
|
|
(25,581) |
|
||||||||||||
Impairment charges |
|
|
(8,518) |
|
|
— |
|
|
— |
|
||||||||||||
Goodwill impairment |
|
|
(112,911) |
|
|
(498,800) |
|
|
— |
|
||||||||||||
Non-GAAP operating expenses |
|
$ |
134,455 |
|
$ |
177,632 |
|
$ |
133,505 |
|
||||||||||||
(1) Includes |
||||||||||||||||||||||
| (2) Includes |
||||||||||||||||||||||
| (3) For the year ended December 31, 2023, we incurred |
||||||||||||||||||||||
DESKTOP METAL, INC. |
|||||||||||||||||||||||
NON-GAAP ADJUSTED EBITDA RECONCILIATION TABLE |
|||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
|
|
|
For the Years Ended |
|
||||||||||||||||||
|
|
|
|
December 31, |
|
||||||||||||||||||
(Dollars in thousands) |
|
|
|
2023 |
|
2022 |
|
2021 |
|
||||||||||||||
Net loss attributable to common stockholders |
|
|
|
$ |
(323,271) |
|
$ |
(740,343) |
|
$ |
(240,334) |
|
|||||||||||
Interest (income) expense, net |
|
|
|
|
4,099 |
|
|
1,743 |
|
|
(334) |
|
|||||||||||
Income tax expense (benefit) |
|
|
|
|
(3,105) |
|
|
(1,498) |
|
|
(29,668) |
|
|||||||||||
Depreciation and amortization |
|
|
|
|
53,632 |
|
|
50,767 |
|
|
24,854 |
|
|||||||||||
In-process research and development assets acquired |
|
|
|
|
— |
|
|
— |
|
|
25,581 |
|
|||||||||||
EBITDA |
|
|
|
|
(268,645) |
|
|
(689,331) |
|
|
(219,901) |
|
|||||||||||
Change in fair value of warrant liability |
|
|
|
|
— |
|
|
- |
|
|
56,576 |
|
|||||||||||
Change in fair value of investments |
|
|
|
|
1,239 |
|
|
8,164 |
|
|
12,475 |
|
|||||||||||
Inventory step-up adjustment |
|
|
|
|
— |
|
|
1,496 |
|
|
2,194 |
|
|||||||||||
Stock-based compensation expense(1),(2) |
|
|
|
|
33,177 |
|
|
48,785 |
|
|
28,778 |
|
|||||||||||
Restructuring expense |
|
|
|
|
37,488 |
|
|
6,957 |
|
|
— |
|
|||||||||||
Goodwill impairment |
|
|
|
|
112,911 |
|
|
498,800 |
|
|
— |
|
|||||||||||
Impairment charges |
|
|
|
|
8,518 |
|
|
|
|
|
|
|
|||||||||||
Acquisition-related and integration costs(3) |
|
|
|
|
6,179 |
|
|
6,766 |
|
|
23,788 |
|
|||||||||||
Adjusted EBITDA |
|
|
|
$ |
(69,133) |
|
$ |
(118,363) |
|
$ |
(96,090) |
|
|||||||||||
(1) Includes |
|||||||||||||||||||||||
(2) Includes |
|||||||||||||||||||||||
(3) For the year ended December 31, 2023, we incurred |
|||||||||||||||||||||||
DESKTOP METAL, INC. |
||||||
NON-GAAP RECONCILIATION TABLE |
||||||
(in thousands) |
||||||
|
||||||
|
|
For the Quarter Ended |
||||
|
|
December 31, |
||||
(Dollars in thousands) |
|
2023 |
|
2022 |
||
GAAP gross margin |
|
$ |
(16,739) |
|
$ |
8,311 |
Stock-based compensation included in cost of sales |
|
|
475 |
|
|
365 |
Amortization of acquired intangible assets included in cost of sales |
|
|
7,045 |
|
|
5,890 |
Restructuring expense in cost of sales |
|
|
26,984 |
|
|
147 |
Acquisition-related and integration costs included in cost of sales |
|
|
45 |
|
|
— |
Inventory step-up adjustment in cost of sales |
|
|
— |
|
|
— |
Non-GAAP gross margin |
|
$ |
17,810 |
|
$ |
14,713 |
|
|
|
|
|
|
|
GAAP operating loss |
|
$ |
(177,267) |
|
$ |
(311,895) |
Stock-based compensation |
|
|
6,478 |
|
|
7,615 |
Amortization of acquired intangible assets |
|
|
10,320 |
|
|
10,140 |
Restructuring expense |
|
|
30,878 |
|
|
1,488 |
Inventory step-up adjustment in cost of sales |
|
|
— |
|
|
— |
Acquisition-related and integration costs |
|
|
2,866 |
|
|
133 |
In-process research and development assets acquired |
|
|
— |
|
|
— |
Impairment charges |
|
|
2,456 |
|
|
— |
Goodwill impairment |
|
|
110,461 |
|
|
269,300 |
Non-GAAP operating loss |
|
$ |
(13,808) |
|
$ |
(23,219) |
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(174,529) |
|
$ |
(312,353) |
Stock-based compensation |
|
|
6,478 |
|
|
7,615 |
Amortization of acquired intangible assets |
|
|
10,320 |
|
|
10,140 |
Restructuring expense |
|
|
30,878 |
|
|
1,488 |
Inventory step-up adjustment in cost of sales |
|
|
— |
|
|
— |
Acquisition-related and integration costs |
|
|
2,866 |
|
|
133 |
In-process research and development assets acquired |
|
|
— |
|
|
— |
Impairment charges |
|
|
2,456 |
|
|
— |
Goodwill impairment |
|
|
110,461 |
|
|
269,300 |
Change in fair value of investments |
|
|
178 |
|
|
(329) |
Change in fair value of warrant liability |
|
|
— |
|
|
— |
Non-GAAP net loss |
|
$ |
(10,892) |
|
$ |
(24,006) |
DESKTOP METAL, INC. |
||||||
NON-GAAP ADJUSTED EBITDA RECONCILIATION TABLE |
||||||
(in thousands) |
||||||
|
||||||
|
|
For the Quarter Ended |
||||
|
|
December 31, |
||||
(Dollars in thousands) |
|
2023 |
|
2022 |
||
Net loss attributable to common stockholders |
|
$ |
(174,528) |
|
$ |
(312,353) |
Interest (income) expense, net |
|
|
1,134 |
|
|
462 |
Income tax expense (benefit) |
|
|
(2,430) |
|
|
104 |
Depreciation and amortization |
|
|
13,312 |
|
|
12,473 |
In-process research and development assets acquired |
|
|
— |
|
|
— |
EBITDA |
|
|
(162,512) |
|
|
(299,314) |
Change in fair value of warrant liability |
|
|
— |
|
|
- |
Change in fair value of investments |
|
|
178 |
|
|
(329) |
Inventory step-up adjustment |
|
|
— |
|
|
— |
Stock-based compensation expense |
|
|
6,478 |
|
|
7,615 |
Restructuring expense |
|
|
30,878 |
|
|
1,488 |
Goodwill impairment |
|
|
110,461 |
|
|
269,300 |
Impairment charges |
|
|
2,456 |
|
|
|
Acquisition-related and integration costs |
|
|
2,866 |
|
|
133 |
Adjusted EBITDA |
|
$ |
(9,195) |
|
$ |
(21,107) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240315314376/en/
Investor Relations:
(857) 504-1084
DesktopMetalIR@icrinc.com
Media Relations:
Sarah
(313) 715-6988
sarahwebster@desktopmetal.com
Source: Desktop Metal, Inc.
FAQ
What was Desktop Metal's revenue in Q4 2023?
What was the year-over-year change in revenue for Desktop Metal?
What was Desktop Metal's net loss in 2023?
What was the adjusted EBITDA for Desktop Metal in Q4 2023?
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What is Desktop Metal's revenue guidance for full-year 2024?
